Most often, your revenue will come from delivering high-quality products or services to your customers. But, sometimes, you can boost your bottom line by introducing other revenue streams. The smartest way to do this is to create high-value products or services that require minimal investments of your time and resources (once you get them up and running, that is). In this article, we’ll help you explore these passive sources of income so you can find the right opportunities for your business.
What is passive income?
Passive income is money you make with minimal ongoing effort. It’s often earned from programs, classes, and deals you set up once and continue benefitting from over the long term.
What are some passive income ideas that could work for my business?
Many ideas could work for your business, provided you’re willing to invest some time and other resources upfront. Check out the following list of opportunities and find some that may work for your business:
- Create a blog on your website and seek out pros in your industry who will pay for a sponsored post.
- Set up a Google Ads account to place advertisements for other products or services on your site.
- Create a paid, members-only portion of your website and offer premium services and exclusive content within it.
- Look into affiliate marketing to earn small commissions on products or services you recommend online. Get started with this guide from Shopify.
- Offer an online class or workshop that’s relevant to the work you perform. Lessonly and SkillShare make it easy to get started.
|Consider recording the class in advance and selling it to your audience at various times throughout the year to make a one-time effort pay off many times over.|
- Write an eBook on a topic related to your business and sell it on Amazon.
- Rent out unused space in your office (or unused parking spaces) to help cover your building costs. Sites like Industrious make it easy to find small business tenants to fit your space.
- Allow others to rent your business’s fleet of vehicles for crosstown moves or deliveries. Fetch and Coop are two services that will pair you with prospective short-term renters.
- Buy other properties in your community and earn money by renting them to other businesses.
- Experiment with drop shipping from your e-commerce store. Shopify has this guide that can help you get started.
- Sell merchandise featuring your brand with a print-on-demand company. Printful is one organization that offers this service.
- Sell digital products, such as checklists, guides, or templates that would be useful for your market directly from your site.
- Invest your business’s cash in stocks or bonds to build income over time.
Consider your options carefully. Some of these passive income options will take time to set up. Others will require some upfront cash. However, those investments may pay off, provided the end product aligns with the mission of your business.
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